Impact of Covid-19 on operations contained - Solid liquidity position
The end of June saw the return of activity to close to pre-Covid 19 levels, except for the mining sites which remain shut down in Canada, and Kazakhstan operating at a slower pace, which are most strongly impacting the second half.
• Revenue of €1,782 million, up +7.8% on the first half of 2019
• EBITDA margin at 22.8%, despite operational performance adversely affected by the Covid-19 crisis
Net income attributable to owners of the parent impacted by the negative performance of the financial markets due to the health crisis
• Net income attributable to owners of the parent at -€212 million, combining positive operating performance and a strongly negative return on assets earmarked for end-of-lifecycle commitments in the first half of 2020
• Adjusted net income attributable to owners of the parent 1 at +€17 million, compared with -€111 million in the first half of 2019, reflecting the solid performance of operating businesses despite the crisis
Positive net cash flow and solid liquidity position
• Net cash flow of +€46 million versus -€59 million in the first half of 2019, the cash impacts of the Covid-19 crisis being mainly deferred until the second half.
• Net debt stable during the period at €2.2 billion, with €1.8 billion in cash as of
June 30.
Adjustment to 2020 financial outlook 2
• Slight decrease in revenue
• EBITDA margin between 22% and 25%
• Continuation of positive net cash flow
The Orano Board of Directors met yesterday and approved the financial statements closed on June 30, 2020. When asked about the results, Philippe Knoche, Chief Executive Officer, stated:
“In this wholly unprecedented environment, the responsiveness and commitment of Orano’s teams have ensured the continuity of industrial operations and services essential to our customers’ power generation. Thanks to the commitment of Orano’s people, the group’s operating income has been broadly maintained. This unprecedented crisis has strengthened Orano’s role as a key industrial player in ensuring the continuity of production for our customers. From the health crisis to the economy, climate change and security of supply, major challenges lie ahead. With a solid financial position and the confidence of our customers, Orano is more prepared than ever.”
1 See definition in Appendix 2 - Press Release below
2 Compared with those communicated on February 28, 2020, subject to the pandemic being controlled.
• Revenue of €1,782 million, up +7.8% on the first half of 2019
• EBITDA margin at 22.8%, despite operational performance adversely affected by the Covid-19 crisis
Net income attributable to owners of the parent impacted by the negative performance of the financial markets due to the health crisis
• Net income attributable to owners of the parent at -€212 million, combining positive operating performance and a strongly negative return on assets earmarked for end-of-lifecycle commitments in the first half of 2020
• Adjusted net income attributable to owners of the parent 1 at +€17 million, compared with -€111 million in the first half of 2019, reflecting the solid performance of operating businesses despite the crisis
Positive net cash flow and solid liquidity position
• Net cash flow of +€46 million versus -€59 million in the first half of 2019, the cash impacts of the Covid-19 crisis being mainly deferred until the second half.
• Net debt stable during the period at €2.2 billion, with €1.8 billion in cash as of
June 30.
Adjustment to 2020 financial outlook 2
• Slight decrease in revenue
• EBITDA margin between 22% and 25%
• Continuation of positive net cash flow
The Orano Board of Directors met yesterday and approved the financial statements closed on June 30, 2020. When asked about the results, Philippe Knoche, Chief Executive Officer, stated:
“In this wholly unprecedented environment, the responsiveness and commitment of Orano’s teams have ensured the continuity of industrial operations and services essential to our customers’ power generation. Thanks to the commitment of Orano’s people, the group’s operating income has been broadly maintained. This unprecedented crisis has strengthened Orano’s role as a key industrial player in ensuring the continuity of production for our customers. From the health crisis to the economy, climate change and security of supply, major challenges lie ahead. With a solid financial position and the confidence of our customers, Orano is more prepared than ever.”
1 See definition in Appendix 2 - Press Release below
2 Compared with those communicated on February 28, 2020, subject to the pandemic being controlled.
Contact
Contact investor
Quesnoy Marc
investors@orano.group
investors@orano.group